PICC P&C reported solid first-half 2026 results, with net profit climbing 32.00% year on year to RMB 32.28 billion on the back of stronger underwriting and investment performance.

Revenue and Premiums • Original insurance premium income inched up 1.30% to RMB 327.53 billion, securing a 33.3% share of China’s P&C market. • Insurance revenue rose 2.20% to RMB 254.62 billion.

Underwriting Performance • Underwriting profit increased 18.10% to RMB 15.38 billion. • The combined ratio improved by 0.8 percentage points to 94.0%. – Motor: underwriting profit RMB 9.92 billion (+13.6%), combined ratio 93.5% (-0.7 pp). – Accidental Injury & Health: swung to a RMB 0.36 billion profit; combined ratio 99.0% (-2.8 pp). – Agriculture: profit fell 41.1% to RMB 1.59 billion; combined ratio 92.6% (+4.2 pp). – Liability: loss narrowed slightly to RMB 0.63 billion; combined ratio 103.1% (-0.5 pp). – Commercial Property: profit surged 36.2% to RMB 1.25 billion; combined ratio 86.6% (-3.5 pp). – Other Lines: profit jumped 50.5% to RMB 2.89 billion; combined ratio 81.2% (-7.4 pp).

Investment Results • Total investment income soared 58.50% to RMB 27.36 billion, supported by market gains; unannualised investment yield reached 3.80% (+1.2 pp). • Share of profit from associates grew 11.10% to RMB 4.02 billion.

Balance Sheet and Capital • Total assets expanded 2.80% to RMB 884.86 billion; total equity rose 6.10% to RMB 306.36 billion. • Operating cash flow increased 2.60% to RMB 27.58 billion. • Comprehensive solvency margin ratio strengthened to 237.2% (+4.8 pp), with a core ratio of 213.8%. • Gearing ratio eased to 64.0% (-1.0 pp).

Per-Share Data and Dividend • Basic earnings per share: RMB 1.452 (1H 2025: RMB 1.099). • The Board proposes an interim dividend of RMB 0.34 per share, up 41.7% from the prior-year interim payout.

Strategic Highlights Management highlighted continued leadership in China’s P&C market, ongoing digital transformation, product innovation across motor, health, technology and green insurance lines, and proactive risk-mitigation services. The insurer maintained its “AAA” MSCI ESG rating and expanded protection for new energy and rural revitalisation initiatives.

Outlook The company plans to deepen professional underwriting, accelerate digital and AI initiatives, and sustain disciplined expense and risk management while supporting China’s evolving economic priorities.